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July 9, 2001 		Feedback  
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RPL Rs 500-mn bonds to open on Tuesday

India's largest private refiner, Reliance Petroleum Ltd, will raise at least Rs 500 million through a private placement of non-convertible debentures, debt dealers said on Monday.

The issue, scheduled to open on Tuesday, has an unspecified greenshoe option, they said.

The secured bonds will have a five-year maturity and carry a coupon of 9.90 per cent, payable annually.

The bonds are rated AA+ by both Fitch Ratings India Pvt Ltd and Credit Rating and Information Services of India Ltd, signifying a high credit quality.

Standard Chartered Bank is the sole arranger to the issue.

Reliance plans to use the funds from this issue for capital expenditure and refinancing existing borrowings, dealers said.

Reliance Petroleum, founded by India's largest petrochemicals maker Reliance Industries Ltd, runs a 540,000 barrel-per-day refinery at Jamnagar.

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